How can I lower my costs without reducing coverage for my employees?
One of biggest challenges in finding a benefits plan for an SME is the concept of cost vs. functionality. No two people, let alone an entire workforce, are living the same life, facing the same challenges, or experiencing the same hardships at one time; so how can you as an employer get the most functionality out of your employees’ coverage without spending an arm and a leg?
By utilizing ASO (Administrative Services Only) for the Health and Dental Benefits, businesses have more control over their benefits plan costs without sacrificing coverage that employees want and may very well need.
ASO Health and Dental Benefit plans offer flexibility in plan design, allowing even small businesses to customize their benefits packages to meet the specific needs of their employees, which prove particularly valuable for those with diverse workforces or unique healthcare requirements.
Providers, like Maximum Benefit, offer tailored solutions and personalized service, considering the Plan Sponsor’s size, budget, and employee demographics. This level of customization can help small businesses optimize their benefits offerings and ensure that they are providing valuable coverage to their employees without paying high administrative and additional fees, even in the case that coverage goes unused.
Benefits packages come complete with drug coverage, extended health care, dental, critical illness, disability, life, accidental death and dismemberment insurance, and additional features like Health Spending Accounts or Lifestyle Spending Accounts, travel insurance, and access to telemedicine services and expert medical second opinions through Teladoc Medical Experts.
An employee benefits survey reported that 91% of employees with access to healthcare services and wellness programs reported job satisfaction, versus only 56% to those without. Offering comprehensive benefits helps businesses remain competitive in the labor market by providing attractive employee benefits packages without incurring excessive costs.
Often small to medium-sized businesses don’t have access to a team of specialists to help deal with unexpected problems that require an expert opinion, but reliable guidance is what allows businesses to thrive.
In addition to healthcare coverage, Maximum Benefit ASO Health and Dental plans provide business owners resources and support services to help them run business smoothly efficiently, such as wellness programs, employee assistance programs, and benefits education materials.
By utilizing Maximum Benefit ASO, claims for health and dental are typically low dollar and high frequency, making them predictable and appropriate for self-funding. When addressing the risk of unforeseen spikes, Maximum Benefit offers industry-leading Stop Loss insurance protection to all self-funded healthcare clients, designed to allow for peace of mind around sustainable rates and reliable coverage.
Maximum Benefit ASO can be a beneficial option for SMEs in Canada looking to provide comprehensive employee benefits while effectively managing costs. By leveraging ASOs, small businesses can tailor their benefits packages to meet the unique needs of their workforce, remain competitive in the market, and navigate the complexities of benefits administration with confidence.
If you want to offer competitive benefits to attract and retain the best employees, want the costs of your plan to be manageable and consistent, and you want to have more control and flexibility, utilizing an ASO Health and Dental plan allows you offer your employees the maximum without paying it.
Interested in learning more about ASOs? Give us a call to learn more today!
